Mobileye NV (NYSE:MBLY) had a rather bullish target placed on its back by Morgan Stanley after trading closed yesterday, a $100 price target for the autonomous automotive assistance technology company that entered the day at just $43.03. Unsurprisingly, the stock has soared on the positivity, now up more than 11% on the day to just over $48.00. As analyst Jim Cramer said today on CNBC, it’s one of those stocks that comes along now and then that just blows you away.
“I got to tell you, sometimes you’re just blown away, there are stocks like a GoPro, like a Netflix, add Mobileye to your list. Ok Mobileye, this is incredible technology, go to the website, you can not believe. I mean it’s collision avoidance, whatever, what I care about is Morgan Stanley, $100 price target,” Cramer said.
Mobileye NV (NYSE:MBLY) currently stands as the dominant market leader in autonomous driving technology, particularly camera-based technology related to anticipating and avoiding collisions, not only with other vehicles, but also with pedestrians, animals, or other obstacles. The technology can also read lane markings, road signs, traffic lights, and identify barriers and other similar items.
With more than 80% market share and no other competing company considered a potential threat, Morgan Stanley sees Mobileye NV (NYSE:MBLY)’s compound annual growth rate being as high as 50% or more as both semi and fully autonomous driving systems gain greater traction in the coming years.
Mobileye NV (NYSE:MBLY) technology is already being used in vehicles from more than 20 different manufacturers including General Motors Company (NYSE:GM), Honda Motor Co Ltd (ADR)(NYSE:HMC), BMW, and Nissan, as well as being available as aftermarket modifications.
Israel-based Mobileye NV (NYSE:MBLY) made its initial public offering on August 4, with shares priced at $37.00. The stock initially fell below the IPO price after several days, but has steadily climbed to its current rate in the weeks since; a climb that may only just be beginning.